VeChain’s native token, VET, continues its remarkable growth trajectory, propelled by the introduction of a new feature.
CoinMarketCap data reveals that VET has surged by 11% in the past 24 hours, reaching $0.04843 at the time of reporting.
The positive momentum for VET has been evident throughout the month, with the token witnessing a significant 65% increase in price over the past week and a 61% surge over the month. Despite this surge, the current value remains 82% lower than its all-time high recorded in April 2021.
VeChain’s market capitalization has now reached $3.5 billion, accompanied by a notable spike in trading volume, which soared by 332% in the past 24 hours to $967 million. Much of this trading activity has been concentrated on Binance, one of the largest cryptocurrency exchanges.
Established in 2018, VeChain operates as an open-source decentralized finance (DeFi) platform utilizing the Proof-Of-Authority (POA) consensus algorithm. The platform functions in the Blockchain-as-a-Service (BaaS) format, offering blockchain solutions as a service.
On February 14th, VeChain unveiled the implementation of account abstraction, a technology aimed at customizing interactions with the Ethereum (ETH) blockchain to suit specific requirements. This enhancement not only enhances interoperability but also grants access to programmable smart contract wallets, showcasing VeChain’s commitment to advancing blockchain technology.
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